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Shiba Inu (SHIB) saw more than half a billion tokens permanently removed from circulation in August, with major cryptocurrency exchanges Robinhood and Coinbase among the platforms contributing to the burn activity.
The reduction comes as SHIB continues to struggle with selling pressure and a broader lack of momentum.
According to data from Burnalytics, a total of 588.2 million SHIB was sent to dead wallets during August. Once transferred to these inaccessible addresses, the tokens are effectively removed from the circulating supply.
Notably, Robinhood accounted for 39.04 million SHIB burned across 101 transactions, while Coinbase sent another 17.28 million SHIB to a dead wallet through 11 transactions. Together, the two exchanges were responsible for more than 56 million SHIB in August’s burn total.
Meanwhile, their activity placed both platforms among the top 10 identified SHIB burners for the month. CEX.IO led the exchange-related activity with 61.41 million SHIB sent to the burn address.
 
However, the overall August burn figure was significantly lower than the previous month. The Shiba Inu community destroyed approximately 3.24 billion SHIB in July, meaning August’s total represented a sharp slowdown in tokens being removed from circulation.
As a result, questions remain over whether the latest burns are large enough to have a meaningful effect on SHIB’s price.
In theory, permanently reducing supply can become bullish if demand remains steady or increases. With fewer tokens available, sustained buying pressure could have a greater impact on price. However, 588.2 million SHIB represents only a small fraction of the token’s enormous circulating supply, limiting the immediate impact of the August burns.
In addition, SHIB’s recent price performance also suggests that the burn activity has yet to translate into a major market reaction. The token has fallen nearly 4% over the past week, with price action remaining relatively subdued.
The slowdown has continued into September. Only 45.98 million SHIB had been burned over the preceding week, while just 841,225 tokens were destroyed over 24 hours, highlighting how much burn activity has cooled from July’s surge.
At the time of writing, SHIB was trading at $0.000005113 reflecting a 0.44% drop over the past 24 hours.